Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,655/mo
Lowest payment- Down payment
- $59,688
- Funds due
- $73,785
- Interest + MI left
- $211,891
- First ends
- Feb 2052
Assumption
Assumption + second
$2,991/mo
+$336/mo- Down payment
- $26,688
- Funds due
- $42,131
- Interest + MI left
- $299,949
- First ends
- Feb 2052
New loan
New conventional
$3,851/mo
+$1,196/mo- Down payment
- $26,688
- Funds due
- $37,948
- Interest + MI left
- $716,532
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $455,312 | $455,312 | $488,312 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,209.28 | $2,209.28 | $3,308.00 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $97.66 |
| Taxes, insurance & HOA | $445.67 | $445.67 | $445.67 |
| Total housing payment | $2,654.95 | $2,991.22 | $3,851.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,688
Closing costs & prepaids$15,443
Usable credit−$0
Total buyer cash needed$42,131
Earnest money paid−$0
Remaining funds due$42,131
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,276.56
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$618.00
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$364.87
Prepaid interest, second (9 days)$96.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 2 moOf the original 30-year loan at 3.25%
Interest already paid$75,810Through Dec 2026
Assumption only · ends Feb 2052$211,891
Assumption + second · ends Feb 2052, second Jan 2057$299,949
New conventional · ends Jan 2057$716,532